Tech

Kodak shares pummeled as first quarter disappoints

WilliamSpain

CHICAGO (MarketWatch) -- Shares of Eastman Kodak Co. fell sharply Thursday, losing as much as 13% and reversing a recent winning streak after the company posted a first-quarter profit well below Wall Street expectations and said it expects to be in the red for the full year.

Kodak
EK
earned $119 million, or 40 cents a share, on the period, a turn from a loss of $360 million, or $1.34, a year earlier.

The average estimate of analysts polled by FactSet Research had been for the company to earn 79 cents a share.

Kodak beat estimates on the top line, ringing up sales of $1.933 billion vs. a Wall Street view of $1.85 billion but the 31% revenue increase was due almost entirely to the sale of patents and favorable foreign exchange impact.

Looking ahead, the company projected a loss of $50 million to $150 million this year on a continuing operations basis with revenue essentially flat.

Shares were down $1.15 at $7.20 after more than doubling since the beginning of the year.

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